SAVRN Research · Capital Atlas · REIT and developer
Vantage Data Centers Data Center Capex and Sites
Vantage completed a $9.2B equity investment led by DigitalBridge and Silver Lake, part of a record $13B in incremental 2024 funding enabling roughly $30B of development. Its North American footprint by campus is Ashburn 590 MW, Santa Clara 216 MW, Phoenix 176 MW, and Quincy, WA 89 MW. Its Ashburn position sits inside Loudoun County, which eliminated by-right data center development in March 2025, and it is a named participant in the $15B Vantage/OpenAI/Oracle campus in Madison, Wisconsin, subject to a one-year moratorium adopted January 13, 2026.
Vantage Data Centers
REIT and developer
Financing regimeprivate equity platform funding led by DigitalBridge and Silver Lake plus large incremental debt and equity raises
Named sites
7
Site-level commitments the atlas ties to Vantage Data Centers
Disclosed site capital
$36.1B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
1,551 MW
Sum of named sites with a stated megawatt figure
Financing transactions
10
Transactions naming Vantage Data Centers or tied to one of its sites
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| 2024 | raise | $9.2B | $9.2B equity investment led by DigitalBridge and Silver Lake |
|
| 2024 | raise | ~$13.0B | record $13B in incremental 2024 funding enabling roughly $30B of development; the $9.2B equity investment is part of this total, do not sum |
Named sites
Where Vantage Data Centers builds
Wyoming
1 site · $20.0B disclosed
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Wisconsin
1 site · $15.0B disclosed
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Ohio
1 site · $1.1B disclosed
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Arizona
1 site
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California
1 site
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Virginia
1 site
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Washington
1 site
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| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Project Latigo campus Zone change approved 1 September 2026; permitting late 2026 into 2027; construction from 2027; phase one completion targeted 2030 |
Wyoming | Cheyenne, Laramie County | $20.0B | 480 | announced | |
Vantage/OpenAI/Oracle Madison campus with OpenAI, Oracle |
Wisconsin | Madison | $15.0B | n.a. | paused | |
Vantage Data Centers Oregon campus (Corduroy and Wynn roads) Draft economic development agreement released and presented 28 September 2026; Vantage asks for council approval by 26 October 2026 |
Ohio | Oregon, Lucas County | ~$1.1B | n.a. | proposed | |
Vantage Ashburn campus |
Virginia | Ashburn, Loudoun | n.a. | 590 | operating | |
Vantage Santa Clara campus |
California | Santa Clara | n.a. | 216 | operating | |
Vantage Phoenix campus |
Arizona | Phoenix | n.a. | 176 | operating | |
Vantage Quincy campus |
Washington | Quincy | n.a. | 89 | operating |
Financing
Financing transactions
Transactions that name Vantage Data Centers as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
DigitalBridge + Silver Lake + Vantage Data Centers DigitalBridge and Silver Lake co-led the completed equity investment in Vantage Data Centers. |
equity raise | ≥$9.2B | completed June 13, 2024 | n.a. | |
Vantage Data Centers + Wells Fargo Green loan within Vantage's record 2024 incremental funding. |
debt facility | ≥$3.0B | 2024 | n.a. | |
Ares + Vantage Data Centers Ares provided the facility to Vantage, whose platform spans 17 campuses and 4GW+ of IT load. |
debt facility | $2.4B | n.a. | n.a. | |
PSP Investments + Vantage Data Centers PSP completed the sale of the majority of its Vantage Data Centers investment on June 13, 2024, generating cumulative proceeds of approximately US$2.3 billion. During PSP's ownership Vantage grew from three campuses to 34. |
acquisition | ~$2.3B | completed June 13, 2024 | n.a. | |
Vantage Data Centers + Evercore (lead arranger) + Wells Fargo Securities (lead arranger) + About a dozen unnamed insurance and institutional investors Vantage Data Centers closed a $2 billion development-stage financing facility to support early-stage development across its North American platform. It is structured as a five-year revolving credit platform including extension options, with an initial collateral pool of three undisclosed development assets and the ability to add assets over time. Evercore and Wells Fargo Securities were lead arrangers, with participation from insurance and institutional investors. Vantage said it has closed more than $40 billion of capital in 2026. |
debt facility | $2.0B | Announced 14 September 2026 (closed) | n.a. | |
ADIA + GIC + Vantage Data Centers ADIA and GIC agreed to invest $1.6 billion into Vantage Data Centers in September 2025, with closing expected in Q4 2025. |
jv equity | $1.6B | agreed September 2025; closing expected Q4 2025 | n.a. | |
CDPQ + Vantage Data Centers CDPQ committed USD 75 million (CAD 103 million) of a USD 130 million facility for Vantage's QC2 campus in Québec City, adding 16MW for a total of 86MW. |
debt facility | $75M | n.a. in source | Vantage QC2 campus (Quebec) | |
Vantage Data Centers Reuters reported Vantage exploring an IPO or sale, having raised roughly $11 billion since late 2023. |
other | n.a. | reported August 13, 2026 | n.a. | |
Ares + CDPQ + Schroders Capital + Vantage EMEA Ares participated with CDPQ and Schroders Capital in a financing for Vantage EMEA. |
debt facility | n.a. | n.a. | n.a. | |
Ares Management + CDPQ + Schroders Capital + Vantage Data Centers La Caisse joined the EUR 750 million Vantage EMEA financing with Ares and Schroders. |
debt facility | n.a. | n.a. in source | n.a. |
The record
Sourced facts on Vantage Data Centers
- Loudoun County eliminated by-right data center development on March 18, 2025 by a 7-2 vote under CPAM-2024-0001 / ZOAM-2024-0001, newly requiring a special exception, with grandfathering cut off at February 12, 2025.
- Loudoun County's data center electricity consumption reached 5.33 GW in 2025, up 166% from 2.0 GW in 2021.
Sources
Sources for Vantage Data Centers
Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.
- capcity.newsCap City News
- wyomingnews.comWyoming Tribune Eagle
- interconnectedcapital.comInterconnected Capital moratorium tracker
- wtol.comWTOL
- 13abc.comWTVG 13abc
- vantage-dc.comVantage North America locations
- hklaw.comHolland & Knight
- vantage-dc.comVantage
- lw.comLatham & Watkins
- vantage-dc.comVantage 2024 recap
- whitecase.comWhite & Case
- investpsp.comPSP Investments
- vantage-dc.comVantage Data Centers press release
- agbi.comAGBI
- lacaisse.comLa Caisse
- reuters.comReuters
- lacaisse.comLa Caisse
- loudoun.govLoudoun County
- computelaw.blogcomputelaw.blog
REIT and developer: one page each
Aligned Data Centers 1Cloverleaf Infrastructure 1Cologix 0Compass Datacenters 3CRG (Clayco) 1CyrusOne 7DataBank 4Digital Realty Trust 8EdgeConneX 0Equinix 2Fermi Inc. (Fermi America) 1Flexential 0H5 Data Centers 2Iron Mountain 3Novva Data Centers 1Prime Data Centers 4QTS Realty Trust (Blackstone) 7Rowan Digital Infrastructure 1Sabey Data Centers 3SB Energy 4STACK Infrastructure 4Tract 6Vantage Data Centers 7
The figure beside each provider is its count of named sites in the atlas.
Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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